This is the second in a five-part series about the state of the New York Giants. Within “Giants 2025,” we will examine the talent on the current roster, the team’s positions of need, their pathways to improvement, the players they could target in the offseason and finally, the people charged with restoring this franchise to its former glory.
If Joe Schoen gets a fourth year as Giants general manager, he’ll have plenty of money to spend on a roster in dire need of upgrades. And if Schoen gets fired, he’ll leave his replacement a much better cap situation than the one he inherited from Dave Gettleman in 2022.
The Giants are projected to have $57.3 million in cap space next year. That’s a highly fluid number at this point, but it’s the 14th-highest projection in the league, so they’re well-positioned to spend.
Here’s a look at the Giants’ cap situation as our focus continues to shift to the future:
Part I: How many building blocks can one of the league’s worst rosters actually have?
Quarterback
• Under contract: $0
• Free agents: Drew Lock, Tommy DeVito
The Giants are starting from scratch at quarterback after cutting Daniel Jones, even though they’ll be left with a $22.2 million dead money charge from cutting him next year. The Giants will re-sign DeVito as an exclusive rights free agent on a one-year, $1 million contract with no guaranteed money because they’ll at least need him for the offseason.
Regardless of the Giants’ plan for the draft, they’ll need to add a proven veteran quarterback to serve as a bridge starter. That type of quarterback should cost around $10 million in free agency, unless the Giants want to spend on Sam Darnold in the next tier. Darnold will likely land a deal in the Baker Mayfield territory (three years, $100 million). Another pricey option would be trading for Atlanta’s Kirk Cousins, who would cost an acquiring team $27.5 million in 2025.
The Giants will likely go the cheaper bridge route since they’re on track for a top-two pick, which should yield a quarterback. The cap hit next year for a top pick will be in the $7-to-8 million range.
So between a draft pick, a moderately priced bridge and Jones’ dead money, the Giants would have roughly $40 million dedicated to the quarterback position next year. The big savings would come in 2026 when the draft pick’s cap hit would only be around $9 million, Jones’ money would be off the books, and there wouldn’t be a need to spend on a bridge starter.
Running back
• Under contract: $8.4 million
Devin Singletary: $6.3 million
Eric Gray: $1.1 million
Tyrone Tracy: $1.0 million
• Free agents: N/A
Let’s operate as if Schoen will be back since it’s impossible to predict how a new GM will operate. Schoen certainly won’t spend on a running back after letting Saquon Barkley walk and giving Singletary a mid-level contract last offseason. Tracy is the type of cheap Day 3 gem Schoen was banking on finding when he elected not to pay Barkley top dollar. Any additions at running back figure to come cheap since Tracy and Singletary are established as solid producers at the top of the depth chart.
Wide receiver
• Under contract: $11.7 million
Malik Nabers: $6.6 million
Wan’Dale Robinson: $2.6 million
Jalin Hyatt: $1.5 million
Bryce Ford-Wheaton: $1.0 million
• Free agents: Darius Slayton, Ihmir Smith-Marsette, Gunner Olszewski
The Giants have an exceptionally cheap wide receiver room due to spending draft picks on the position the past three years. The problem is that Hyatt’s lack of development has left a sizable hole at the No. 2 receiver spot. The 2023 third-round pick has failed to catch a pass in nine of 13 games this season.
It’s hard to imagine the Giants investing another early pick at receiver with their need to target a quarterback and the trenches in the draft. But receiver is an expensive position in free agency. Slayton would be a good fit at a reasonable cost, but he has been talking like someone prepared to move on after six years of losing.
A quality No. 2 wide receiver will probably cost around $10-to-$13 million per year in free agency. That would be a necessary investment if the Giants plan to draft a quarterback.
Tight end
• Under contract: $3.9 million
Greg Dulcich: $1.4 million
Daniel Bellinger: $1.3 million
Theo Johnson: $1.2 million
• Free agent: Chris Manhertz
This position group is so cheap that Darren Waller’s $4.9 million dead money charge is more than the cap hits of the three players under contract. It’s doubtful the Giants will spend much at tight end due to the optimism about Johnson’s potential.
Johnson showed promise in his rookie season, which was cut short last week by a broken foot. But the Giants will need him to take a leap next season, unlike Bellinger, who peaked as a rookie and is now a backup. Dulcich was a worthwhile dice roll for a team high in the waiver order, but the 2022 third-round pick has only appeared in seven games the past two seasons.
Offensive line
• Under contract: $56.4 million
Andrew Thomas: $21.7 million
Jon Runyan: $11.8 million
Jermaine Eluemunor: $9.3 million
Evan Neal: $7.8 million
John Michael Schmitz: $1.7 million
Josh Ezeudu: $1.7 million
Austin Schlottmann: $1.4 million
Jake Kubas: $970,000
• Free agents: Greg Van Roten, Chris Hubbard, Aaron Stinnie
The Giants could restructure Thomas’ contract to create significant cap space. He has a $16.4 million base salary in 2025, so a max restructure could create $12.2 million in cap space next year. But Schoen has been hesitant to do restructures, and Thomas’ growing injury history will lead to greater pause. But Thomas is signed through 2029, and it’s impossible to get out of the deal until after the 2026 season, so there’s little harm in pushing some money into the future.
Eluemunor’s negotiations were interesting in free agency last offseason. He preferred a two-year deal, while the Giants pushed to avoid having any guaranteed money in the second year. So he wound up with a two-year, $14 million deal that has a $9.3 million cap hit in 2025. The Giants could dump Eluemunor after this season to create $6.5 million in cap savings while leaving a $2.8 million dead money charge. That’s an unlikely outcome based on his play this season and the state of the line.
Neal is expensive based on his abysmal performance, but that’s the cost of whiffing on a top-10 pick. There would be no cap savings if the Giants cut Neal, but a trade is possible if they’re done with him and willing to take a minimal return. Neal’s size and skill set is begging for a trial at guard this offseason before the book is closed on him.
The Giants probably aren’t going to spend big money on the line after investing in Runyan and Eluemunor in free agency last offseason. They need to create a pipeline of young talent, so that means taking more swings in the draft after selecting only one offensive lineman in the past two drafts.
Defensive line
• Under contract: $34.4 million
Dexter Lawrence: $24.1 million
Rakeem Nunez-Roches: $5.0 million
DJ Davidson: $1.2 million
Jordon Riley: $1.1 million
Cory Durden: $1.0 million
Elijah Garcia: $1.0 million
Elijah Chatman: $960,000
• Free agents: Armon Watts, Casey Rogers, Timmy Horne
Lawrence is another obvious restructure candidate if the Giants want to create more cap space. His $15.5 million base salary could create $9.5 million in 2025 cap space with a max restructure.
Lawrence could be seeking a raise this offseason based on his value to the team and the exploding defensive tackle market. Six defensive tackles have signed contracts with a greater average annual value than Lawrence since he inked his four-year, $90 million extension in May of 2023. Lawrence has leverage as the best player on the team. He’s proven he’ll take a stand for a contract, as he skipped the voluntary offseason program while his extension was negotiated last year.
The rest of the defensive line is dirt cheap (and barren of talent) since Nunez-Roches is an obvious cut to create $3.6 million in cap savings with a $1.4 million dead money charge. Schoen’s neglect for the defensive line in the draft has been shocking, and that will need to change. But the Giants also will likely need to spend on a quality veteran next to Lawrence to shore up one of the worst run defenses in the league.
Outside linebacker
• Under contract: $39.8 million
Brian Burns: $29.8 million
Kayvon Thibodeaux: $10.0 million
• Free agents: Azeez Ojulari, Tomon Fox, Patrick Johnson
There’s big money invested in two players on the edge. Burns is another restructure candidate, as his $22.3 million salary could create $15.7 million in cap savings next year.
This will be an interesting offseason for Thibodeaux. Schoen surely will exercise the fifth-year option on his first draft pick. That will lock Thibodeaux in for 2026 at a $16.1 million salary. Thibodeaux is eligible for an extension this offseason, but it’s hard to see either side being motivated to get something done after he missed five games with a wrist injury this season.
It’s crucial to have pass-rush depth, which will make it interesting to monitor Ojulari’s market. It would be ideal to keep him as a third edge rusher, but young players who can sack the quarterback get paid. And even if Ojulari’s injury history forces him to take a prove-it deal, he should be able to find a better opportunity elsewhere. It would be helpful to add a cost-controlled impact player from the draft.
Inside linebacker
• Under contract: $17.4 million
Bobby Okereke: $14.5 million
Micah McFadden: $1.9 million
Darius Muasau: $1.0 million
• Free agents: Matthew Adams, Ty Summers, Dyontae Johnson
Okereke’s 2025 cap hit was inflated by a restructure before the start of this season, so the Giants will likely want to leave his contract alone. As it stands, the Giants could dump Okereke next offseason before the final year of his four-year contract to create $9 million in cap savings with a $5.5 million dead money charge.
McFadden will be eligible for an extension this offseason. He’s the type of useful role player this roster lacks, so the Giants should try to lock him up. McFadden has made just under $3 million in his first three seasons, so he could probably be enticed by an extension with moderate guarantees. McFadden is in line for a proven performance escalator that will raise his 2025 salary from $1.1 million to $3.2 million.
Muasau and Johnson, who can be retained on a minimum contract as an exclusive rights free agent, provide cheap depth.
Cornerback
• Under contract: $9.8 million
Deonte Banks: $3.7 million
Cor’Dale Flott: $1.7 million
Dru Phillips: $1.4 million
Tre Hawkins: $1.1 million
Art Green: $960,000
Dee Williams: $960,000
• Free agents: Adoree’ Jackson, Isaiah Simmons, Greg Stroman, Divaad Wilson
The Giants need a No. 1 corner after Banks showed he’s not up to the task this season. They could land a top corner with their first-round pick, but that’s likely earmarked for a quarterback.
If the Giants are going to go big-game hunting this offseason, corner seems like the position they’ll target. True No. 1 corners rarely hit free agency, so they may need to execute a trade to fill this need. However they do it, the Giants will need to be much more aggressive than last season when addressing this weakness.
Safety
• Under contract: $4.2 million
Tyler Nubin: $1.9 million
Dane Belton: $1.3 million
Anthony Johnson: $1.0 million
• Free agents: Jason Pinnock, Elijah Riley, Jonathan Sutherland
Like Theo Johnson, Nubin showed promise as a rookie before suffering a season-ending injury. He was placed on IR with an ankle injury this week. The Giants will be counting on Nubin to develop into a top safety.
Pinnock would be worth bringing back assuming the price tag is reasonable, but the Giants ideally will upgrade the starting spot next to Nubin. Pinnock could then slot in as a top backup/rotational piece. Quality veteran safeties are available at good value in free agency.
Specialists
• Under contract: $5.7 million
K Graham Gano: $5.7 million
• Free agents: P Jamie Gillan, LS Casey Kreiter
The Giants enjoyed ultimate reliability in Gano’s first three seasons. That earned him a three-year, $16.5 million extension before the 2023 season that has aged terribly. The Giants can cut Gano this offseason to create $3.2 million in cap savings while leaving a $2.5 million dead money charge. That’s an obvious move based on the combination of Gano’s age, durability, performance and contract.
(Photo illustration: Meech Robinson / The Athletic; photos of: Rakeem Nunez-Roches, Joe Schoen and Graham Gano: Steph Chambers / Getty Images, Bryan Woolston / Associated Press and Elsa / Getty Images)
